Financial reporting

Accounting and finance organizations for many multinational businesses are currently working to create plans for two separate lease accounting standards: the Financial Accounting Standards Board’s ASC 842 and the International Accounting Standards Board’s IFRS 16.

Steinhoff International Holdings NV is seeking a three-year extension on most of its 9.6 billion euros ($11.3 billion) of debt as the retailer battles to come to grips with an accounting scandal that’s wiped more than 96 percent off the share price.

Steinhoff International Holdings NV’s shares plunged to a record low after the retailer warned of impairments beyond the 6 billion euros ($7.2 billion) reported in December and said it’s facing at least five lawsuits.

With the deadline looming for private companies to comply with the new revenue recognition standard, many companies are still in the assessment stage and have yet to start the actual implementation work.